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INDIA
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Italy withdrew itself from China's Belt and Road Initiative after 4 years of signing up for the project. Italian Foreign Minister Antonio Tajani said that the pact has not 'produced desired effects and is not a priority'. The deal was due to automatically renew in March 2024, unless Italy opted out by the end of this year. Italy's decision comes amid its elevating ties with India, one of the biggest rivals of China. Both China and India are in a race to become the dominant leaders in the global south. Notably, Italy was the only major Western nation to sign up for China's most ambitious trade and infrastructure projects in 2019.
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